Royal Bank of Scotland Group PLC, the U.K. banking company that agreed to the government's biggest bailout, said that it may eliminate as many as 3,000 jobs in the securities unit, a person with knowledge of the matter said.

The company could cut 15% of the division's work force, said the person, who declined to be identified because the plan has not been discussed with labor groups.

The reductions would come in the next few months and would affect all divisions of the global banking and markets unit, including leveraged loans, asset-backed securities, and corporate lending.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.

Corrected November 19, 2008 at 12:33PM: In the Nov. 14 paper, the headline of a brief item on the back page misnamed the company where a source said job cuts were possible. As the item correctly noted, it is Royal Bank of Scotland.